June was a very busy month.! It was great meeting folks and their families at the BBQ on Saturday. For those of you who couldn't make it, here is an update of what is going on at Office Nomads.
In This Update
- Office Nomads LLC
- Meetings, Meetings, Meetings
- The Space
- Pricing Structure
- Financing Options
- Timeline & Build-out
- So who's in?!?!
Office Nomads LLC
I just finished up all the paperwork to bring into existence Office Nomads LLC and we even have a bank account! Of course we don't have any money, but we are working on that too. Special thanks to Julia Youngs, our lawyer, for doing all the heavy lifting. Also thanks to BizNik for helping me find her. Now we need a CPA.
Meetings, Meetings, Meetings
I've met with so many people and everyone is super excited. Office Nomads is all about the people and these meetings are the cornerstone of what is developing into an amazing community. Below are a few highlights but there are many more.
Pete Frickland contacted me after participating in the Fremont Solstice Parade (the bike riders got painted at my house). He's a retired business man who previously was the head of Product Development at Therm-a-Rest for 25 years. He was so impressed with the painting party and the Office Nomads idea that he is offering up his business muscle and possibly some investment dollars.
Sterling Peake is a rock star with business plans and she has been volunteering her time to help us with ours. I listened to her talk at BizJam and we immediately hit it off. She deeply understands the need for coworking and I'm very grateful she is helping make it happen.
Shauna Brennan is putting together My Day Office down in Belltown. That space will open in September with more to follow soon after. I had coffee with her last week and we shared notes. Our ventures are very complementary with her focus being largely on services. My Day Office will be an excellent option for indie business owners and I wish her the best of luck.
The Space
We are moving forward with the Ballard location. I talked with the building owner last week and I think she liked me. We haven't entered into official negotiations but I'm hoping that happens in the next week or two. There is 7500sqft and 5-8 conference/meeting rooms. I'm shooting to have spaces for 50 and an average daily attendance of 30-40.
http://www.officenomads.com/space1/
Pricing Structure
We've scrutinized all the different pricing plans of all the different coworking spaces and balancing them with the advice we've been getting, and our understanding of what will work best for the indie business crowd. We are shooting for simple, yet flexible and came up with three pricing plans. All three are month-to-month (with deposit) and come with an electronic key so you can pick your own hours. Each plan includes network access, printing and will have an allowance for conference room time.
Plans:
- $450 = Unlimited use - permanent desk
- $250 = 3-5 days/week - any available space
- $100 = 1-2 days/week - any available space
Financing Options
I talked to Ruby and Colleen over at Salmon Bay Community Lending and was VERY impressed and happy they are going to help me get the funds needed to get this thing started. The fastest, cheapest, and easiest way to get the money is going to be to use the equity in my house. We estimate we'll need about $50k in startup costs and another $50-80k to keep the lights on while we ramp up to capacity. There are other options available for rounding up $130k and we will see what is in place when the time comes to write the checks.
Timeline & Build-out
If things go smoothly we could take possession of the space in August or September. We are hoping to only take a month to do the majority of the build-out. We need to rip out the false ceiling, replace the lighting, and maybe expose some of the pine floor. We also need to sling some paint around and start collecting furniture.
WE NEED HELP! There is a lot to do and need some elbow grease donations. Got an eye for design and decorating? Good with a hammer? Know a good electrician or where to get a good deal on lighting or office furniture? And if anyone is extra eager to get into the space we can setup some desks in an undisturbed corner. Most work is going to be done after official business hours. Of course we won't charge until the doors officially open.
So who's in?
That's the big question! I've seen a lot of excitement, and now I need to know who's with me. You've seen the price points, you've seen the space. If we opened our doors in September, or October, who would sign up and which plan would you choose? If you are on the fence, what is it keeping you from making the jump?
Wow, this has turned to be a very long update. So much is happening and I'm amazed I haven't gone crazy yet... well, if I did, would I know it?
Jacob Sayles
Nomad & Founder
(http://www.officenomads.com)
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